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WHY REFINANCE YOUR HOME

mortgage Education

WHY REFINANCE YOUR HOME?

One of the most common reasons for a home mortgage refinance is to take advantage of lower interest rates and monthly payments. You can save a significant amount of money by refinancing your mortgage if your current interest rate is higher than what is available in the market. You can end up saving money without making any investments through low-cost and no-cost options.

Popular Loan Options for Lowing Your Mortgage Payment

FHA LOAN:

A government-insured FHA loan offers fixed-rate security that can help you refinance out of a mortgage payment that is skyrocketing. You can use our easy FHA Streamline tool to find out if you can refinance without an appraisal.

30-Year LOAN:

If you’re looking for traditional loan options, you can lock in today with a 30-year fixed.

ADJUSTABLE RATE MORTGAGE:

You can get the lowest rates in the market with a 5-year or 7-year ARM that will help you save thousands of dollars compared to a traditional fixed-rate mortgage for the first 5 to 7 years of your loan.

VA LOAN:

If you’re a military member, spouse, or qualified veteran you can get a lower payment and rate with a VA loan. You can ask us if you’re eligible to avail the many benefits of a VA loan. One of the best ways to save on your mortgage payments is by getting an adjustable rate mortgage (ARM) loan, especially if you’re looking for low payments, or are a first-time home buyer. However, if you’re looking to stay in your home for a longer period, you can refinance your mortgage into a long-term fixed rate loan. This will allow you to achieve peace of mind with the knowledge that your payment and rates won’t change for a long time.

Popular Options for Lowering Your Refinancing Investment Properties

30-Year Loan:

You’ll get a fixed monthly payment with no surprises.

15-Year Loan:

You can borrow from your equity at extremely low rates or pay off your investment quickly. Interest-only loans are one of the best ways to lower your monthly mortgage payments at the start, just like ARMs, but your loan balance won’t decrease as you’re not paying any principal. You can refinance to start paying off your loan if you’re planning on staying in your home long-term. Most of the times, you can refinance your interest-only loan into a 30-Year fixed rate loan with the payments remaining the same.

Popular Options for Refinancing Your Interest-Only Loan into a Fully-Amortized Loan:

30-Year Fixed Rate Loan:

Know that your payments will be fixed and avoid any surprises. Plans can change over time, and the loan or home that you thought you’ll have for some time can turn into a temporary one. If you’re planning on selling your home soon, and no longer need a long-term rate, you should think about converting your 30-Year fixed loan into an ARM or a 3/1, 5/1, or 7/1 loan program to take advantage of lower payments and rates.

Popular Options for Paying Off Your Mortgage Faster:

15-Year Fixed:

Pay thousands of dollars less by locking into a 15-Year fixed loan.

15-Year FHA:

People who want to bring less money to the closing or have less equity in their home should opt for the FHA loan.

VA LOAN:

One of the main benefits of military service and the leading choice for veterans refinancing for paying off their mortgage faster is the VA loan. One of the smartest ways to get your money working for you is by leveraging the equity in your home. You can use the cash from your home to pay off medical bills, student loans, non-tax-deductible credit cards, and higher interests. When you consolidate your debts, you’ll be able to enjoy the benefits of only making 1 payment a month and your total monthly outflow will decrease in a lot of cases.

Popular Options for Consolidating Debt:

FHA Loan:

Allows you to refinance your debt into 1 low-cost loan.

15-Year Fixed-Rate Loan:

Allows you to consolidate your debt and pay it off quicker.

30-Year Fixed-Rate Loan:

Achieve peace of mind with the knowledge that your payment amounts will remain the same.

VA Loan:

Active military members and veterans can consolidate their debt with a low fixed rate. There’s no better way to utilize your hard-earned equity than by investing it back into your home with home improvements or repairs. Whether you want to update your kitchen or install a new roof over your home, you can easily take advantage of your home’s equity and tackle your projects in a tax-deductible** manner.

** Please consult with your tax advisor.

Popular Cash-Out Refinance Options:

FHA Loan:

You can refinance up to 85% of the value of your home.

30-Year Fixed-Rate Loan:

Looking for a great way to budget? This traditional mortgage has fixed payments to help you.

Adjustable Rate Mortgage:

You can save thousands of dollars in interest with this loan option.

VA Loan:

If you’re a military member, spouse, or a veteran you may refinance up to 100% of the value of your home with this loan option. There’s no better time to think about an investment property or purchasing a vacation home with interest rates and home prices being the lowest they have been in years. You can easily tap into the equity of your home and use the cash for home improvements, your down payment or for any other reason that you fancy.

Popular Cash-Out Refinance Options:

FHA Loan:

You can refinance up to 85% of the value of your home.

30-Year Fixed-Rate Loan:

Looking for a great way to budget? This traditional mortgage has fixed payments to help you.

Adjustable Rate Mortgage:

You can save thousands of dollars in interest with this loan option.

VA Loan:

If you’re a military member, spouse, or a veteran, you may refinance up to 100% of the value of your home with this loan option. There’s a good chance that you’re paying private mortgage insurance (PMI) if you bought your home with less than 20% down payment. You can eliminate that extra expense through refinancing if your home’s value has increased to the point where you have nearly 20% equity in the home, a loan-to-value (LTV) of 80% or less, and/or you’ve paid down your loan balance.

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